Student loans sell off at less than half their face value is a scandal – Angela Rayner

Angela Rayner MP, Labour’s Shadow Secretary of State for Education, commenting on the Government’s written statement on the latest student loan sell off, said:

“After being told that student loan sales do not strengthen the public finances, and without even having a Universities Minister in place, this Government is privatising assets at a loss, and it will be taxpayers who lose out in the long run.

“These loans have been sold at less than half of their face value, a similar loss to the previous sale, when the Government lost hundreds of millions of taxpayers’ money. This is a scandal. The Government must reveal exactly how much more public money has been lost to serve the Conservatives’ ideological obsession with privatisation.

“Selling off student loans does nothing for students and does not strengthen the public finances in a meaningful way. Labour will take action to support students and universities, scrapping tuition fees and bringing back maintenance grants as part of an education system for the many, not the few.”

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